Wrap Text
Completion of Transaction with Engen Holdings
Vivo Energy plc
(Incorporated in England and Wales)
(Registration number: 11250655)
(Share code: VVO)
LEI: 213800TR7V9QN896AU56
ISIN: GB00BDGT2M75
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
1 March 2019
Vivo Energy plc
LSE:VVO / JSE:VVO
Completion of Transaction with Engen Holdings
Vivo Energy plc (“Vivo Energy”) is pleased to announce the completion of the transaction with Engen
Holdings (Pty) Limited (“Engen” or “EHL”) previously announced on 18 September 2018. The transaction
adds operations in eight new countries and 230 Engen-branded service stations to Vivo Energy’s network,
taking its total presence to over 2,000 service stations, across 23 African markets. The new markets for
Vivo Energy are Gabon, Malawi, Mozambique, Reunion, Rwanda, Tanzania, Zambia and Zimbabwe. Engen’s
Kenya operations (where Vivo Energy already operates) is the ninth country included in the transaction.
As per previous announcements, consideration for the transaction comprises an issue by Vivo Energy of
63.2 million new shares and US$62.1 million in cash. The cash element of the consideration has been funded
by a draw down on Vivo Energy’s multi-currency facility.
The newly allotted and issued shares are expected to be admitted to the Official List and to trading on the
main market of the London Stock Exchange on 4 March 2019 and to the Johannesburg Stock Exchange on
or about the 4 March 2019. Following the share issuance Engen will hold a circa 5.0% shareholding in Vivo
Energy.
On the basis of information provided by Engen, Vivo Energy believes that the 2018 financial performance
of the target group will be similar to 2017. Increased fuel volumes, driven by the commercial segment, are
expected to have been offset by lower margins, primarily due to mix effects. Vivo Energy will provide full
year guidance for 2019, incorporating the 10 months of contribution of the new Engen markets, with its
full year results announcement on 6 March 2019.
Following the transaction, EHL retains its interest in Engen Petroleum Limited (its South Africa business
and refinery) and its businesses in Mauritius, Botswana, Ghana, Namibia, Swaziland and Lesotho, which are
not part of the transaction. Engen’s business in the Democratic Republic of Congo (DRC) remains under
evaluation by Vivo Energy, pending any agreement between Engen and the DRC Government regarding the
transfer of the subsidiary holding Engen’s DRC interests.
Vivo Energy’s total issued share capital will increase to 1,265,002,519 ordinary shares following the
transaction, with no shares being held in treasury. This number may be used by Vivo Energy shareholders
as the denominator for calculations by which they will determine if they are required to notify of their
interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure
and Transparency Rules.
Ends
Notes to editors:
Media contacts: Investor contact:
Vivo Energy plc Vivo Energy plc
Rob Foyle, Head of Communications Giles Blackham, Head of Investor Relations
+44 7715 036 407 +44 1234 904 306
rob.foyle@vivoenergy.com giles.blackham@vivoenergy.com
Tulchan Communications
Martin Robinson, Suniti Chauhan
+44 20 7353 4200
vivoenergy@tulchangroup.com
About Vivo Energy:
Vivo Energy operates and markets its products in countries across North, West, East and Southern Africa. The Group has a
network of over 2,000 service stations in 23 countries operating under the Shell and Engen brands and exports lubricants to a
number of other African countries. Its retail offering includes fuels, lubricants, card services, shops, restaurants and other non-fuel
services (e.g. oil change and car wash). It provides fuels, lubricants and liquefied petroleum gas (LPG) to business customers across
a range of sectors including marine, mining, construction, power, transport and manufacturing. Jet fuel is sold to customers under
the Vitol Aviation brand.
The Company employs around 2,700 people and has access to over 1,000,000 cubic metres of fuel storage capacity. The Group’s
joint venture, Shell and Vivo Lubricants B.V., sources, blends, packages and supplies Shell-branded lubricants and has blending
capacity per annum of around 158,000 metric tonnes at plants in six countries (Ghana, Guinea, Côte d’Ivoire, Kenya, Morocco and
Tunisia).
For more information about Vivo Energy please visit www.vivoenergy.com
About Engen:
Engen is an oil company focusing on the downstream refined petroleum products market and related businesses, with a presence
across Sub Saharan Africa and the Indian Ocean Islands. The company’s core functions are the refining of crude oil, the marketing
of primary refined petroleum products and the provision of convenience services via an extensive retail network.
Engen is a member of the PETRONAS Group.
Forward-looking statements
This announcement includes forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties,
many of which are beyond the Company’s control and all of which are based on the Directors’ current beliefs and expectations about future events.
Forward-looking statements are sometimes identified by the use of forward-looking terminology such as: “believe”, “expects”, “may”, “will”, “could”,
“should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned”, “anticipates” or “targets” or the
negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical
facts. They appear in a number of places throughout this report and include statements regarding the intentions, beliefs or current expectations of
the Directors or the Group concerning, among other things, the future results of operations, financial condition, prospects, growth, strategies of the
Group and the industry in which it operates.
No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties
facing the Group. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed, or implied
in such forward-looking statements.
Such forward-looking statements contained in this report speak only as of the date of this report. The Company and the Directors expressly disclaim
any obligation or undertaking to update these forward-looking statements contained in the document to reflect any change in their expectations or
any change in events, conditions, or circumstances on which such statements are based, unless required to do so by applicable law.
JSE Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
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